Co-Diagnostics (NASDAQ:CODX) was an investor-pleasing machine at the tail end of the week. After reporting highly encouraging Q2 earnings after market close on Thursday, the company's stock unsurprisingly leapt by just under 10% the following day.
Co-Diagnostics beat every collective analyst estimate for its most important metrics during the quarter. The company, which has risen to prominence even among non-healthcare investors because of its COVID-19 diagnostic products, said that its revenue was $27.4 million. That was nearly 14% higher on a year-over-year basis, and easily topped the average prognosticator forecast of almost $20.8 million.
On the other hand, net income saw a decline, to $9.8 million from the year-ago figure of $15 million. Yet at $0.33 per share, the former was well above the $0.22 average analyst estimate.
In its earnings release, Co-Diagnostics quoted CEO Dwight Egan as saying that the revenue improvement was due in no small measure to success in "cultivating distributor relationships throughout the United States and abroad."
As for the future, he added that "we are well-positioned to maintain our trajectory of growth as our significant investments in talent and [research and development] continue to yield positive results."
Co-Diagnostics also proffered guidance for its current quarter. The company believes revenue will land in the $23 million to $25 million range, with per-share net earnings coming in at $0.19 to $0.22. Like in the trailing quarter, both ranges topped the average analyst projections ($18.1 million for revenue, and $0.18 per share for net earnings).